U.S. Economy Added |255,000 Jobs in July

(CN) – The U.S. economy added 255,000 jobs in July, far exceeding analysts’ estimates and signaling new momentum in the nation’s growth rate, the Labor Department announced Friday. Analysts had forecast the creation of about 185,000 jobs. The payroll company ADP had estimated Wednesday that based on its own records, July job growth in the private sector was 179,000. The number of jobs added was down 37,000 from the 292,000 jobs added in June, but the strong showing in July appears to confirm that a sharp drop in hiring in May, when only 11,000 jobs were added to the economy, was an aberration. The national unemployment rate is 4.9 percent, unchanged from June, according to the department’s Bureau of Labor Statistics. Average private-sector earnings were up eight cents. In June, they were up only two cents.